Book size: 1500; Registration: Reg S Only; Comments: EUR500m 4.2yr cpn fxd 2.75% at 99.545, yld 99.545. Spread: MS+52bps. 64.4bps vs OBL 2.400% due April 18, 2030 @100.680 / 2.225%/ (HR: 98%). Par Call: 3m. MWC: B+10bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603;
Book size: 1250; Registration: Reg S Only; Comments: EUR500m 9.2yr cpn fxd 3.50% at 99.171, yld 3.609%. Spread: MS+92bps. 97bps vs DBR 2.500% due February 15, 2035 (TWIN) @98.900 / 2.639%/ (HR: 97%). Par Call: 3m. MWC: B+15bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603;
Book size: 1000; Registration: Reg S Only; Comments: EUR500m 15.2yr cpn fxd 4.125% at 98.515, yld 4.261%. Spread: MS+130bps. 124.5bps vs DBR 4.750% due July 4, 2040 @119.940 / 3.016%/ (HR: 84%). Par Call: 3m. MWC: B+20bps. Clean-Up Call: 75%. CoC: 101%. LEI: 2138004BCYGT82KFW603;
Deal Comments
Reoffer: 4.2yr: MS+52bp / 99.545 / 2.869% 9.2yr: MS+92bp / 99.171 / 3.609% 15.2yr: MS+130bp / 98.515 / 4.261%
Benchmark: 4.2yr: OBL 2.4% 18-Apr-30 @ 100.68 / B+64.4bp (HR: 98%) 9.2yr: DBR 2.5% 15-Feb-35 @ 98.90 / B+97bp (HR: 97%) 15.2yr: DBR 4.75% 04-Jul-40 @ 119.94 / B+124.5bp (HR: 84%)
Launched: 4.2yr: €500m @ MS+52 - Orderbook >€2bn 9.2yr: €500m @ MS+92 - Orderbook >€1.9bn 15.2yr: €500m @ MS+130 - Orderbook >€1.1bn
Spread set at: 4.2yr: MS+52bp 9.2yr: MS+92bp 15.2yr: MS+130bp - Combined orderbooks in excess of €5bn at guidance
Guidance: 4.2yr: MS+55bp 9.2yr: MS+95bp 15.2yr: MS+130# - Combined orderbooks in excess of €5.8bn
IPTs: 4.2yr: MS+85a 9.2yr: MS+125a 15.2yr: MS+155-160a
Issuer: Vodafone International Financing DAC (VOD, IE)
Issuer LEI: 2138004BCYGT82KFW603
Guarantor: Vodafone Group Plc
Guarantor LEI: 213800TB53ELEUKM7Q61
Guarantor Ratings: Baa2/BBB/BBB (Stable/Stable/Stable Outlook; Moody's/S&P/Fitch)
Expected Issue Ratings: Baa2/BBB/BBB (Moody's/S&P/Fitch)
Format: Senior, Unsecured, Reg S Bearer (no communications with or into the U.S.), New Global Note, TEFRA D
Size: €1.5bn (€500m each tranche)
Ranking: Senior Unsecured
Joint Bookrunners: BNP Paribas (B&D)/BofA Securities/HSBC/Morgan Stanley/NatWest
Maturity Date:
4.2yr: 27-Apr-30
9.2yr: 27-Apr-35
15.2yr: 27-Apr-41
Coupon:
4.2yr: 2.75%, Fixed, Annual, Act/Act (short first)
9.2yr: 3.50%, Fixed, Annual, Act/Act (short first)
15.2yr: 4.125%, Fixed, Annual, Act/Act (short first)
Re-offer:
4.2yr: MS+52bp / 99.545 / 2.869%
9.2yr: MS+92bp / 99.171 / 3.609%
15.2yr: MS+130bp / 98.515 / 4.261%
Reference Benchmark:
4.2yr: B+64.4bp vs OBL 2.4% 18-Apr-30 @ 100.68 / 2.225% (HR: 98%)
9.2yr: B+97bp vs DBR 2.5% 15-Feb-35 (TWIN) @ 98.90 / 2.639% (HR: 97%)
15.2yr: B+124.5bp vs DBR 4.75% 04-Jul-40 @ 119.94 / 3.016% (HR: 84%)
MWC:
4.2yr: B+10bp
9.2yr: B+15bp
15.2yr: B+20bp
Optional Redemption: 3-month Par Call / MWC / Clean-Up Call (75%) at Par / CoC @ 101
Documentation: EMTN Base Prospectus dated 16-Jun-25 as supplemented on 12-Feb-26 / English Law
Listing: Euronext Dublin, Regulated Market
Denoms: €100k+€1k
Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
Use of Proceeds: An amount equal to the net proceeds of the issuance will be applied for the general corporate purposes of the Group, including, without limitation, intended exercise of the make-whole call option to redeem Vodafone Group Plc's outstanding USD 4.375% May-2028 notes ($429 million outstanding)
ISIN:
4.2yr: XS3307284698
9.2yr: XS3307284771
15.2yr: XS3307284854
Settlement: 27-Feb-26 (T+3)
TOE: 4.2yr: 14:50 UKT 9.2yr: 14:49 UKT 15.2yr: 14:48 UKT
FTT: 15:25 UKT
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Issuer's Base Prospectus dated 16-Jun-25 and supplement dated 12-Feb-26 are available at https://investors.vodafone.com/debt-investors/bonds-outstanding-eu-and-us and the Final Terms (when published) will be available at https://live.euronext.com.
Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
Guarantor(s)
Vodafone Group Plc
Use of Proceeds
General corporate purposes of the Group, including, without limitation, intended exercise of the make-whole call option to redeem Vodafone Group Plc’s outstanding USD 4.375% May-2028 notes ($429 million outstanding)